Do you have the dream of becoming an entrepreneur? If it is for real, you need more than just the dream to make it take on what they call shoe leather. There are different types of entrepreneurs. And many different ways to present your products. One of my ways is using Facebook to push items.
Different Types Of Entrepreneurs
If you have the dream and are willing to explore more, you must acknowledge there are things to do. I have even written a page to show a product I carry.
The first and most important thing is determine what business model you wish to take on.
By this I mean, do you want to be your own boss and what kind of organization are you setting up?
Levels Out There Of Different Types of Entrepreneurs
Sole Proprietor
Starting a business, and this is what you are setting up, do you wish to be a sole owner? Run it as a sole proprietor.
This is a good place to start. At this level you will have low cost. But should anything happen, you will find you have no liability protection. So you will need an business insurance policy. You could lose all you have should anything happen.
At this level you don’t have to worry about the need to file paperwork. You just start up. The business will be in your lap. It will not be seperate from you as the owner.
Bookkeeping is all yours unless you farm it out. But at this level you still have to record the profit and loss and report it on your tax returns. All debt and liabilities are yours and it comes out of your personal bank account. There is no separation between personal and business income.
General Partnership
There are different types of entrepreneurs. As time goes on you may want to add another partner. He may only be a silent partner and not quite an Entrepreneur like you. But you add him on because you find you can’t handle it by yourself.
This could satrt with an handshake and an oral agreement. I would suggest you get it in writing as a written agreement. You will have a better handle on what is expected this way.
You won’t have limited liability at this level. Both of you will still be able to pull debt and with the chance of losing all should something happen and a customer sues.
Both of you share ownership. And both can be wiped out.
Limited Liability Partnership
You are an entrepreneur and you wish to move into where you are protected– that is your business is protected. There are a few ways to go to get the umbrella of limited liability.
You now have a condition here you can protect your business assets from your personal assets. You can be an entrepreneur and safely open a bank account for your business.
Limited Liability Corpoartion
To save you the reading time for further development of this topic, I will refer you to a place where you can get further information and if you should choose, take advantage of the offer to start your own business. As an entrepreneur you must be legal about what you do.
Since I am referring you, the company will pay me a commission if you sign up in one of their programs.
Here is the link. Better Legal is the name.
So be all the entrepreneur you were meant to be. Go, use the link, look, take advantage of the offer. Also for more on this subject click here.